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Merger and Acquisition (Tables) | 12 Months Ended
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Dec. 31, 2023
Business Combinations [Abstract] |
Allocation of Purchase Price for Merger | The following condensed statement reflects the amounts acquired at the acquisition date for each major class of assets acquired and liabilities assumed.
Total Consideration in the Merger |  |  | $ | 135,779 |
Calculated Fair Value of Assets Acquired |  |  |  |
| Cash and cash equivalents | $ | 34,586 |  |  |
| Federal funds sold |  | 7,159 |  |  |
| Securities available for sale |  | 123,440 |  |  |
| Loans, net of ACL |  | 1,240,334 |  |  |
| Premises and equipment |  | 15,504 |  |  |
| Right-of-use asset |  | 6,042 |  |  |
| Core deposit intangible |  | 25,344 |  |  |
| Deferred taxes |  | 14,466 |  |  |
| Investments in restricted bank stock |  | 6,763 |  |  |
| Accrued interest receivable and other assets |  | 29,884 |  |  |
Total Assets Acquired |  | 1,503,522 |  |  |
Calculated Fair Value of Liabilities Assumed |  |  |  |
| Deposits |  | 1,299,867 |  |  |
| Long term borrowings |  | 55,292 |  |  |
| Subordinated debt |  | 21,078 |  |  |
| Operating lease liabilities |  | 6,908 |  |  |
| Other liabilities |  | 5,724 |  |  |
Total Liabilities Assumed |  | 1,388,869 |  |  |
Net Assets Acquired |  |  |  | 114,653 |
Goodwill From the Merger |  |  | $ | 21,126 |
Summary of Merger | The following table summarizes the Partners Merger as of November 30, 2023:
Consideration paid |  |  |  |  |  |  |  |
(dollars in thousands) |  |  |  |  |  |  |  |
Common stock consideration: |  |  |  |  |  |  |  |
Common shares of Partners Bancorp |  |  |  |  |  |  |  | 17,985,577 |
Exchange ratio |  |  |  |  |  |  |  | 1.15 |
LINKBANCORP, Inc. common stock issued |  |  |  |  |  |  |  | 20,683,158 |
LINKBANCORP, Inc. stock price on acquisition date |  |  |  |  |  |  | $ | 6.47 |
Purchase price assigned to Partners Bancorp common shares |  |  |  |  |  |  |  | 133,820 |
Restricted stock consideration |  |  |  |  |  |  |  |
Partners Bancorp restricted stock shares |  |  |  |  |  |  |  | 297,726 |
LINKBANCORP, Inc. stock price on acquisition date |  |  |  |  |  |  | $ | 6.47 |
Total purchase price assigned to Partners Bancorp restricted shares |  |  |  |  |  |  |  | 1,926 |
Cash paid in exchange for Partners Bancorp stock options and fractional shares |  |  |  |  |  |  |  | 33 |
Total consideration |  |  |  |  |  |  | $ | 135,779 |
Net Assets Acquired |  |  |  |  |  |  |  |
Partners Bancorp shareholders’ equity |  |  |  |  | $ | 143,817 |  |  |
Partners Bancorp goodwill and intangibles |  |  |  |  |  | (10,699 | ) |  |
Fair Value Adjustments: |  |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  | (921 | ) |  |
Loans |  |  |  |  |  |  |  |
Interest rate |  |  |  |  |  | (53,681 | ) |  |
General credit |  |  |  |  |  | (11,607 | ) |  |
Credit adjustment for loans acquired with deteriorated credit quality |  |  |  |  |  | (6,016 | ) |  |
Remove existing deferred loan fees, net at acquisition |  |  |  |  |  | 2,462 |  |  |
Remove the allowance for credit losses present at acquisition |  |  |  |  |  | 16,124 |  |  |
Premises and equipment |  |  |  |  |  | 3,045 |  |  |
Core deposit intangible |  |  |  |  |  | 25,344 |  |  |
Other assets |  |  |  |  |  | 4,036 |  |  |
Liabilities |  |  |  |  |  |  |  |
Time deposits |  |  |  |  |  | 3,595 |  |  |
Subordinated debt |  |  |  |  |  | 1,179 |  |  |
Other liabilities |  |  |  |  |  | (2,025 | ) |  |
|  |  |  |  |  |  |  | 114,653 |
Goodwill From the Merger |  |  |  |  |  |  | $ | 21,126 |
Summary of Proforma Information | The pro forma amounts for the years ended December 31, 2023 and 2022 do not reflect the anticipated cost savings that had not yet been realized.
|  | Year ended December 31, |
(Dollars in thousands) |  | 2023 |  |  | 2022 |
Net interest income |  | $ | 102,941 |  |  | $ | 99,734 |
Non-interest income |  |  | 5,252 |  |  |  | 8,158 |
Net income (loss) |  |  | 26,255 |  |  |  | 25,448 |
Basic earnings (loss) per common share |  | $ | 0.71 |  |  | $ | 0.80 |
Diluted earnings (loss) per common share |  | $ | 0.71 |  |  | $ | 0.80 |

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